Irrevocable Living Trust-What is it?
April 29, 2022When it comes to estate planning in Chicago IL, as with other cities and states, there are tons of complex laws, paperwork, and other regulations to follow. This sentiment is true when it comes to creating irrevocable living trusts. Working with a reputable Chicago estate planning lawyer is the key to handling all paperwork and legalities… Read more »
What Is a Lifetime Trust?
April 15, 2022Des Plaines estate planning attorneys Anthony J. Madonia & Associates, Ltd. share the basics of a lifetime trust and what it does. Learn the benefits of having a lifetime trust and why you should always have a lawyer present during the creation. What Is a Lifetime Trust? A trust that is created within a person’s… Read more »
Family Trust -An Easy Guide to Understanding Them
March 07, 2022Understanding a Family Trust A Family Trust is a good idea to ensure your legacy and benefits for your loved ones. It is a legally binding Estate Planning tool that’s set up to financially protect and benefit you and your family. The purpose is to establish a way for your family to reap direct financial… Read more »
Don’t Be Afraid, Be Proactive — Plan Your Estate Today!
January 19, 2022Be Proactive in Your Estate Planning Estate planning is a financial process that can protect you and your family and is a very important component of your overall financial planning. If you don’t have an up-to-date estate plan and you happen to get hurt or sick and cannot manage your financial affairs, the courts will… Read more »
New Tax Proposal Weakens Grantor Trusts
October 29, 2021Tax Proposal Targeting Grantor Trusts to Help Close Tax Gap For decades, trusts have been used in estate planning as a way for people to ensure that their assets are distributed according to their wishes after death. Trusts give individuals more flexibility with their assets than a simple Will and can utilize strategies to reduce… Read more »
Trusts and the Benefits They Offer Explored
September 23, 2021Trusts and the Benefits They Offer Explained Trusts are a plan to take care of the people you love when you’re no longer around or lack capacity to assist them. Traditionally, a trust is used for minimizing estate taxes and can offer other benefits as part of a well-crafted estate plan. In more specific terms,… Read more »
The Two Types of Charitable Remainder Trusts and How They Differ
March 29, 2019Charitable Remainder Trusts and How They Differ The two basic types of the charitable remainder trusts are the Charitable Remainder Annuity Trust (CRAT) and the Charitable Remainder UniTrust (CRUT). Both the CRAT and the CRUT are irrevocable trusts which provide for an annual payment to a non-charitable beneficiary or beneficiaries (usually including the trust… Read more »
What is a Charitable Remainder Trust?
March 28, 2019Charitable Remainder Trust Is Good for Split Interests A charitable remainder trust (CRT) is an irrevocable trust that generates a potential income stream for you, as the donor to the CRT, or other beneficiaries, with the remainder of the donated assets going to your favorite charity or charities. This charitable giving strategy generates income and… Read more »
I’ve Created and Funded My Living Trust – What do I Need to do to Maintain It?
February 28, 2019How to Maintain My Living Trust It is simply not enough to create a living trust, no matter how well designed and drafted. You need to maintain the living trust as well. Changes in your personal and financial circumstances, changes in the law, and changes in your attorney’s knowledge and experience, affect the long-term viability… Read more »
Can the Irrevocable Life Insurance Trust Last Forever
August 10, 2017Depending upon state law, a life insurance trust can last as long as any other trust, including dynasty trusts. If the ILIT is a dynasty-type ILIT, it will be subject to generation-skipping transfer taxes as discussed in Chapter 4. However, your generation skipping transfer tax exemption can be applied against the amount contributed to the… Read more »
